Energy services firm secures £115m funds package

Hargreaves Services, the UK’s leading energy support services provider, has secured a £115m funding package supported by Yorkshire Bank.

Yorkshire is one of a consortium of banks providing a funding package to provide Hargreaves with ongoing working capital and help finance any future acquisitions.

Established in 1994 as a specialist bulk haulier, the Hargreaves Group is now a major force in the supply, movement and management of mineral resources and the provision of support services to the energy and waste industries. Hargreaves increased turnover by almost 25 per cent to £503m in the year ending 31 May 2009.

Hargreaves has a fleet of more than 400 vehicles and employs over 2,300 people. The company imports coal and also owns Maltby Colliery. Earlier this year it acquired the remaining 50 per cent stake in Coal4Energy from its joint venture partner UK Coal. Coal4Energy, based at Kellingley Colliery in West Yorkshire, is the largest supplier of coal to the UK domestic and industrial markets.

David Maybury, regional director of Yorkshire Bank’s Corporate & Structured Finance team in Leeds, said: “Hargreaves has been growing rapidly for the past few years through both organic means and acquisitions. We are pleased to support this refinancing arrangement, which will provide the business with the funds it needs to support its day to day activities and achieve further expansion.”